Lionstone is seeking to raise $600m for its US value-add property fund, according to an SEC filing. The fund will mostly target office, retail and mixed-use assets. Lionstone declined to comment when contacted.

According to sources that track fundraising, Harrison Street is seeking to raise $1.3bn for Partners VII, which will focus on specialist real estate such as medical offices, self-storage, and student and senior housing.

As previously reported, New York State Teachers Retirement System, Pennsylvania Public School Employees’ Retirement System and State Universities Retirement System of Illinois have all backed the Brookfield fund.